Wednesday, June 30, 2010

Got Questions? Get Answers...LM Demands A Princple Reduction On A Ginne Mae Loan

GOT QUESTION?

Dear Strategic Default,

I have for your review attached a letter sent to US Bank, regarding my upside down mortgage. I would be most interested in any comments you might have regarding the legal issue I specify in the letter. That as a matter of law, Ginnie May must have along with Foreclosure, Deed in Lieu and Short Sales as part of their liquidation procedures a Reduction in Principal for those who would qualify as this would "Minimize loss to the Federal Government" as required By GOVERNMENT NATIONAL MORTGAGE ASSOCIATION STATUTORY AUTHORITY (Section 301 [5]).

Sincerely,

LM

GET ANSWER…

Dear LM:

I applaud you on an excellent letter and an excellent approach. You have inspired me to write a section on my website that discusses this issue. It has been on my mind for some time. My advice is to send the letter multiple times via fax and certified mail.

You should ask your attorney contact if you should put the following language in the letter

“This letter is an offer for a settlement. The contents of this letter or any documentation I send to you may not be used against me in any court of law by you against me for any legal action of foreclosure or any legal action seeking a personal judgment against me.”

I have been concerned about homeowners providing certain documentation to their lenders that can be used against them in an action for foreclosure or a deficiency action.

Unfortunately, I do not give legal advice. I provide an opinion based upon my experiences and research of the available options. You will need to consult with a qualified attorney and accountant to determine your best course of action.

I support what you are doing. It is reasonable. It is fair. It is within your rights as a paying tax payer.